Banker's Discount Practice Test 2

Question : 21 of 40

Marks: +1, -0

Find the present worth of Rs 11,664 due 2 years hence, at 8% p.a. compound interest.

Solution:

PW=\Amount/(1+r/100)^t

=11664/({1+8/100})^2

=11664/{(108/100)^2}

PW=10000

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